Lower development write-offs lift Graphisoft Park profits
Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, had after-tax profit of EUR 2.18 million in Q1-Q3, up 24% from the corresponding period of 2015, mainly due to a decline in write-offs on buildings it demolished to make room for new structures, Hungarian news agency MTI reported.
Adjusted for the effect of the write-offs, Graphisoft Parkʼs profit edged up 3% to EUR 2.29 million.
Graphisoft Park noted that it has started construction of a new string of office buildings with 12,000 square meters of floor space and an underground car park with 450 spaces. The buildings are expected to be delivered in Q1 2018.
Graphisoft Park said it is in "advanced negotiations" on a planned EUR 24 mln in financing for the development, which it expects to secure later in November.
Graphisoft Park confirmed its earlier guidance for 2016, putting revenues at EUR 9.5 mln and net profit at EUR 3.1 mln. It projects net profit of EUR 3.5 mln on revenues of EUR 10.6 mln for 2017.
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